Current trend

On Thursday the pair AUD/USD demonstrated neutral dynamic. Trading volatility slightly exceeded 50 points. The rise in the Australian dollar in the morning, caused by the negative data on the U.S. GDP, shifted to the decline in the afternoon. American GDP for Q2 fell to 0.2%. Under these circumstances Federal Open Market Committee decided to leave interest rate at the level of 0.25%.    

Today, investors are waiting for the US economic statistics, including personal income and spending for March and the number of primary and secondary applications for unemployment benefits.

Support and resistance

On the four-hour chart MACD histogram is n the positive zone, but its volumes are slowly decreasing, which show some decline of activity among the buyers. At the moment, the price is near the highs of January. The price will need strong drivers in order to go further up; however, they are not expected in the near future.

On the four-hour chart MACD histogram is in the positive zone; but its volumes are slowing decreasing, indicating that activity among buyers is declining. At the moment, the price is near the lows of January. The rise in price can be triggered only by strong drivers, which are not expected in the near future. Correction is possible. Bollinger bands also show possibility of the downward correction  to the moving average line of 0.7920.

Resistance levels: 0.8030, 0.8075 and 0.8136.

Support levels: 0.7975, 0.7950, 0.7895 and 0.7865.

Trading tips

Sell positions can be opened at the current price with the nearest target of 0.7950. From this level the price can continue to decline to 0.7895.

AUD/USD: review and forecast

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